Electronic trading systems generally include one or more trading device in communication with one or more electronic exchanges. In general, an electronic exchange receives messages for orders from a trading device, attempts to match quantity of the order with quantity of one or more contra-side orders at the electronic exchange (also referred to as in the market), and sends information about the matched orders or the market to the trading device. The information that is sent from the electronic exchange may include prices and quantities of the orders in the market, prices and quantities of matched orders and other information.
A slicer order is a strategy that involves splitting, breaking or otherwise slicing one order into multiple component orders. The component orders may be traded independently, consecutively, simultaneously and/or separately. For example, an order may be time sliced and/or volume sliced. Slicer orders may be desirable, for example, to reduce a market impact such as for a larger quantity of an order relative to a market.
Additional or alternative embodiments are also understood when read in conjunction with the drawings, which illustrate exemplary embodiments for a speed adjustable and reversible tool for slicer orders. It should be understood that the exemplary embodiments described herein are not limited to the arrangements and instrumentality shown in the attached drawings.